Colts owner Jim Irsay believes “there’s a good chance” that the team will sign franchise quarterback Andrew Luck to a contract extension that will be worth “nine figures” during the offseason, Mike Wells of ESPN.com reports.

“Obviously being this early, there’s no reason to think that we would have had major negotiations yet, but that’s going to be happening as this month gets later and March comes in and all that sort of thing,” Irsay said Tuesday. “I think there’s a good chance we’ll get something done.”

Irsay said during the NFL owner’s meetings in March 2014 that his goal would be to sign Luck to a long-term deal this offseason. The Colts picked up Luck’s fifth-year option ($16.1 million) for the 2016 season last spring.

Irsay knows Luck, the No. 1 overall pick in 2012, will be one of the highest-paid players in the NFL once he gets his new contract.

“Whether it’s going to be the highest and all those sort of thing, we’ll see how that goes,” Irsay said. “…I see Andrew here, God willing, for a really long time, and this won’t be his last contract. With him at 26 years old, it’s going to be ringing the bell in terms of nine figures and that sort of thing.”

Luck is coming off the worst season of his four-year NFL career. He threw 15 touchdowns and committed 13 turnovers in just seven games. He missed nine games due to rib, shoulder, kidney and abdominal injuries. Irsay said Luck’s lacerated kidney, which ended his season in Week 9 against Denver, is finally healed.

“We have continued to monitor that with the kidney doctors and he is good to go,” Irsay said. “He’s healed. He’s really looking forward to a great offseason and getting ready. If we were playing in the Super Bowl, he’d be ready to go.”